The year “did not end up as we had planned from a financial perspective,” Okerstrom said during a conference call with investors.

The company, whose brands include Expedia.com, Hotels.com, Hotwire, said selling and marketing costs jumped 16 percent to $1.12 billion in the fourth quarter.

“We are now operating with a clear focus on our highest priority markets, making concentrated investments across the platform …,” Okerstrom said in a statement.

This is the first full quarter under Okerstrom, who succeeded Dara Khosrowshahi after he left to take the top job at car-ride provider Uber Technologies.

Expedia’s HomeAway vacation rental business, a rival to Airbnb, reported a 16 percent jump in revenue to $193 million in the fourth quarter, compared with analysts’ average estimate of $225.4 million, according to Thomson Reuters I/B/E/S.

On an adjusted basis, Expedia earned 84 cents per share in the quarter, falling well short of analysts’ average estimate of $1.15, according to Thomson Reuters.